https://www.taxtmi.com/caselaws?id=457413 Purported gifts routed through non-resident accounts were scrutinised under section 9(1)(a) of the Foreign Exchange Regulation Act, 1973, where the surrounding circumstances suggested that consideration had passed rather than genuine voluntary transfers. The tribunal noted that substantial draft receipts, the tainted nature of the accounts, admissions by other beneficiaries, and the appellants' failure to explain facts within their special knowledge justified an adverse inference. On that basis, the alleged gifts were treated as a colourable commercial arrangement, the contravention was found to be established, and the penalty was sustained. en-us Tue, 20 Jan 2009 00:00:00 +0530 Thu, 19 Sep 2024 12:51:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=457413 Purported gifts routed through non-resident accounts were scrutinised under section 9(1)(a) of the Foreign Exchange Regulation Act, 1973, where the surrounding circumstances suggested that consideration had passed rather than genuine voluntary transfers. The tribunal noted that substantial draft receipts, the tainted nature of the accounts, admissions by other beneficiaries, and the appellants' failure to explain facts within their special knowledge justified an adverse inference. On that basis, the alleged gifts were treated as a colourable commercial arrangement, the contravention was found to be established, and the penalty was sustained. Case-Laws FEMA Tue, 20 Jan 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=457413